Wait for a correction to 1.3317-1.3276 | 19 July 2018

Technical observation

GBP/USD went down yesterday but could not break below 1.3050.It is currently retracing to the key resistance zone 1.3317-1.3276 and I do not expect a penetration above the zone but a rejection of price within it for possible bearish movements of price towards 1.3050 and a breakout below 1.3050 for a further downwards movement towards 1.2775.Wait for the correction to 1.3317-1.3276 then short GBP within the zone with your ideal target at 2.3050 and stop loss around 1.3427.In case price does not pull back to 1.3317-1.3276 and instead breaks below 1.3050,wait for a correction to it before you enter short positions towards 1.2775.

Technical levels

Resistance levels

R1.1.3284

R2.1.3332

R3.1.3471

Pivot

1.3197

Support levels

S1.1.3145

S2.1.3055

S3.1.2916

Trade signal

Wait for a correction to 1.3317-1.3276 to short GBP.

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